Shaikh Mohammad Bin Rashid with the Chinese Vice President Image Credit: WAM

Beijing: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Friday launched a megaproject to build a 'traders market' in Dubai over an area of 60 million square feet on the sidelines of China's Belt and Road conference in Beijing.

The traders market will be built along Shaikh Mohammad Bin Zayed Road opposite to Expo Dubai, over an initial area of 20 million square feet, and the total area is expected to cover 60 million square feet.

The project was announced on Friday as Shaikh Mohammad attended the signing of an agreement between the UAE and Chinese companies. The first agreement was signed with the Chinese company Yiwu, which will invest $2.4 billion in the project while the second agreement was signed with the China-Arab investment Fund, which will invest $1 billion to implement a 'vegetable basket' project in Dubai.

As part of the $1 billion project, huge complexes and cold storage warehouses will be built for importing, processing, packaging, storage and re-export of agricultural, livestock and fish products.

Meanwhile, the Zhejiang China Commodities City Group Co Ltd. will use the merchants’ market to store and ship Chinese goods to various countries of the world from Jebel Ali Free Zone.

The Merchants' Market will include large logistics warehouses and wholesale retail outlets, and will strengthen Jebel Ali Free Zone’s role in supporting regional and global trade movement.

The two agreements were signed during Shaikh Mohammad’s visit to China, leading the UAE’s delegation to the Second Belt and Road Conference for International Cooperation currently being held in the Chinese capital. The Conference, which runs until 27 April, features the participation of 40 leaders of countries around the world and over 150 delegates.

Shaikh Mohammad attends the ceremony of the agreements that were signed by Sultan Bin Sulayem and Chinese officials. Image Credit: WAM

Shaikh Mohammad stressed that the UAE is actively involved in promoting international efforts aiming to boost the global economy’s growth, thanks to its expertise, resources, strategic position as a global business hub and a focal point for the global trade movement.

The first agreement was signed by Sultan Bin Sulayem, DP World group chairman and CEO and chairman of Ports, Customs and Free Zone Corporation (PCFC) and Wen Ge Zhao, Chairman of Zhejiang China Commodities City Group Co Ltd. the second agreement was signed by also Bin Sulayem and Chinese officials.

The event was attended by Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority and Chairman and CEO of the Emirates Group; Mohammad Al Gergawi Minister of Cabinet Affairs and the Future; Sultan Bin Saeed Al Mansouri,Minister of Economy; Anwar Mohammad Gargash Minister of State for Foreign Affairs; Reem Ebrahim Al Hashimi, Minister of State for International Cooperation; Dr. Sultan Bin Ahmad Al Jaber, Minister of State; Khaldoun Khalifa Al Mubarak, Chairman of Abu Dhabi Executive Affairs Authority and CEO of Mubadala; Khalifa Saeed Sulaiman Director General of Dubai Protocol Department and UAE Ambassador to China Dr. Ali Obaid Al Dhaheri.